Minutes - 06-06-2000 - Laserfiche WebLink

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VOTE: UNANIMOUS d. Resolution Concerning High School Financing Plan -Orange County Schools The Board considered a resolution authorizing staff to proceed with a plan and process for financing a new high school in the Orange County School District. John Link said that the current capital plan includes the funding for the construction of the new high school in the Orange County School district. The present estimate of the new high school is 27.9 million dollars. Superintendent Bridges' letter indicates how the district proposes to address the additional $2,992,000 from the original estimate in 1997. There will be a million dollars in additional installment purchase and the school system's own CIP funding including 1.3 million dollars in savings from the Pathways Elementary School project. The County is in the process of getting Local Government Commission approval for the non-bond portion of the project. Finance Director Ken Chavious said that the Local Government Commission has recommended that the County apply for certificates of participation as the method of financing. Commissioner Gordon asked about the item indicating that the CIP technology would be deferred. She asked about the effect on technology. Bob Jessup answered that the school system gets $625,000 a year for technology in the CIP. He said that this allocation was reduced to $600,000 for ten years to come to the figure. A motion was made by Commissioner Halkiotis, seconded by Commissioner Jacobs to adopt and authorize the Chair to sign the resolution as stated below and to set a public hearing for June 29, 2000. RESOLUTION MAKING CERTAIN FINDINGS OF FACT AND AUTHORIZING STAFF WORK FOR A PROPOSED INSTALLMENT FINANCING FOR THE PLANNED NEW ORANGE COUNTY HIGH SCHOOL WHEREAS, Orange County has previously approved in principle a plan to finance a portion of the construction casts for a new high school for the Orange County school district through an installment financing contract, as authorized under Section 160-A-20 or the North Carolina General Statutes; and WHEREAS, the Board of Commissioners has been advised by the Finance Officer, after consultation with school board representatives, that installment financing for project construction costs will be required in an amount not to exceed $13,500,000 and the Board has determined now to proceed with the installment financing; and WHEREAS, under the guidelines of the North Carolina Local Government Commission {the "LGC"}, this governing body must make certain findings of fact to support the County's application for the LGC's approval of the County's proposed financing arrangements for the project; NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of Orange County, North Carolina, makes the following findings of fact: 1. The proposed project is necessary and appropriate for the County under all the circumstances. The County accepts the determination in this regard initially made by the Orange County School Board. 2. The proposed installment financing is preferable to a bond issue for the same purpose. The County's long-range capital improvement plan for the County schools has contemplated an installment financing for a portion of this project's costs for same time, and the Board has determined that the capital improvement plan represents the preferred program for combining the various types of financing available to the County in light of the various capital needs facing the County. The Board notes that approximately one-half of the project's cost will be paid for from proceeds of general obligation bands approved by the County's voters in November 1997. The County has no ability to issue non-voted general obligation bonds for this project, and this project will produce no revenues that could be used to support aself-liquidating financing.